John in NM
I wonder if that was intended as a lubricant as much as a carrier for the polishing media?

I remember going to a gun show with my dad in the 1980's and there was a guy who would sharpen your knife for $2 - his last step was a compressed paper wheel charged with wax and no abrasive. Made for an incredibly sharp edge but it did not last well as I recall - basically just what Wiley described.